Market Overview:
The global Blood Glucose Test Strip Market is estimated to be valued at US$9.9 Bn in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights. Blood glucose test strips are used to measure glucose levels in diabetic patients. These strips play a crucial role in managing diabetes by allowing patients to monitor their blood glucose levels from home. The advantages of using blood glucose test strips include convenience, accuracy, and real-time monitoring. The need for these products is associated with the rising prevalence of diabetes worldwide, the growing geriatric population, and the increasing awareness about the importance of regular blood glucose monitoring.
Market Key Trends:
One key trend observed in the blood glucose test strip market is the increasing adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time glucose readings, eliminating the need for frequent finger-prick tests. These systems offer convenience and accuracy, aiding in better diabetes management. CGM systems are gaining popularity among diabetic patients who require constant monitoring of glucose levels, such as those with type 1 diabetes. The growing preference for CGM systems is expected to drive the demand for blood glucose test strips as they are compatible with these devices. This trend is anticipated to continue over the forecast period, contributing to the growth of the blood glucose test strip market.
Segment Analysis:
The Blood Glucose Test Strip Market can be segmented based on end users into hospitals, clinics, and home care settings. Among these, the home care settings segment dominates the market. This can be attributed to the increasing preference for self-monitoring of blood glucose levels by patients with diabetes in the comfort of their homes. Home care settings offer convenience, reduced costs, and greater accessibility, leading to the segment's domination in the market.
Key Takeaways:
The global Blood Glucose Test Strip Market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period of 2023 to 2030. This growth can be attributed to several factors. Firstly, the rising prevalence of diabetes worldwide is driving the demand for blood glucose test strips. Secondly, there is a growing awareness about the importance of regular blood glucose monitoring for diabetes management, which further fuels the market growth. Additionally, advancements in technology, such as the development of continuous glucose monitoring systems, are also contributing to the market's expansion.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Blood Glucose Test Strip Market. This can be attributed to the high prevalence of diabetes in the region, coupled with a well-established healthcare infrastructure. Moreover, the presence of key market players in North America also contributes to the region's dominance in the market.
Key players operating in the Blood Glucose Test Strip Market include Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc., and Rossmax International Ltd. These key players hold a significant market share and actively engage in strategies such as product launches, partnerships, and collaborations to maintain their competitive edge in the market.
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Market ScenarioThe blood glucose test strip market is presumed to garner USD 18.5 billion during the forecast period (2015-2020).
It is a crucial component of blood glucose meters that helps to monitor and control diabetes.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/976Drivers and Constraints Impacting the MarketBlood glucose test strips are self-testing strips which let pre-diabetic and diabetic people track their blood glucose level on a regular basis without visiting a diagnostic laboratory or a clinic.
With the growing diabetic population, the global market for blood glucose test strip is considered to foster during the assessment period.
For instance, as per the International Diabetic Federation, around 415 million people had diabetes in 2015.
Moreover, technological advancements such as accuracy of the tests along with awareness among the people regarding diabetes are stimulating the market growth.Global Blood Glucose Test Strip Market: Segmental AnalysisThe blood glucose test strip market has been segmented on the basis of technology, distribution channel, and region.By mode of technology, the global blood glucose test strip market has been segmented into optical, thin film electrochemical, and thick film electrochemical.By mode of distribution channel, the global blood glucose test strip market has been segmented into retail pharmacy and hospital pharmacy.
The growth is attributed to the increasing preference for self-care testing among the patients to monitor diabetes.Regional InsightsGeographically, the global blood glucose test strip market span across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.Among all the regions, North America is presumed to lead the global blood glucose test strip market with $ 7.89 billion revenue.
As per the report that has been published by Market Research Future (MRFR), the global blood glucose test strip packaging market is registered to expand steadily in the coming years.Market Drivers and Restraints:Increasing demand for blood glucose test strips due to rise in prevalence of diabetes in all the regions of the world and rapid adoption of self-blood glucose testing devices are majorly propelling the expansion of the global blood glucose test strip packaging market.
Innovation in the manufacturing process by the incorporation of advanced technology has significantly improved the quality of packaging, which in turn is fueling the growth of the global blood glucose test strip packaging market.Increasing geriatric population, prevalence of obesity and diabetes and the adoption of flexible packaging solutions are some of the other factors that are driving the global blood glucose test strip packaging market.
However, poor healthcare facilities in the underdeveloped regions and lack of awareness are likely to impact negatively on the growth of the global blood glucose test strip packaging market.
Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/551Market Segmentation:The global blood glucose test strip packaging market has been segmented on the basis of product type.
Based on product type, the blood glucose test strip packaging market is segmented into plastic vials, aluminum foils and others.
The plastic vials segment is sub-segmented into plastic vials with loose desiccant, plastic vials with injected desiccant, plastic vials with other desiccant and plastic vials without desiccant.Regional Analysis:Geographically, the global blood glucose test strip packaging market has been segmented into four major regions such as North America, Europe, Asia Pacific and the Middle East and Africa.
Asia Pacific Blood Glucose Test Strip Packaging Market– Forecast to 2021 The report firstly introduced Asia Pacific Blood Glucose Test Strip Packaging Market including classification, application and industry chain overview; Then we deeply analyzed Asia Pacific growth forecast indicators by the as well as the regional market conditions that including the product price, profit, utilization, supply, demand and industry growth rate etc.
In the end, the report introduced medical suction device market SWOT analysis, PEST analysis, market share analysis and competitive landscape, company profiles by analyzing the major players.
We are thankful for the support and assistance from Asia Pacific Blood Glucose Test Strip Packaging Market chain related technical experts and marketing experts during Research Team survey and interviews.Global Blood Glucose Test Strip Market – OverviewBlood glucose related diseases have increased the market potential for the blood glucose test strip industry to a great extent.
Market reports linked to the healthcare sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this market.
The presence of competitors in the market to address the demands of the patients in the market has given way to positive development of the industry.
The European region is the next chief sector for the blood glucose test strip market which is expected to grow at a high rate of CAGR percent by the end of the forecast period.Global Competitive AnalysisThe corporate strategy of the competitors in the market is focused currently on capitalizing the dynamic pace of technological innovations which have led to plenty of changes both in terms of product development and handling competition.
